For the second time in the past 13 months, Denver-based Venoco LLC and its affiliates in the exploration and production (E&P) sector in California on Monday filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware. It marks the end of an era for part of California’s contentious offshore drilling history, which helped define the U.S. environmental movement of the past 50 years.
Articles from Venoco
Denver-based Venoco Inc. joined more than 40 energy firms Friday in filing for voluntary Chapter 11 bankruptcy protection since oil prices began tumbling in 2014.
An independent California-based geologist who has studied the Monterey Shale thinks it could eventually fulfill some of the hype surrounding its long-term reserves, but first it is going to take more serious geologic study and some small operators willing to take the risks that the big companies are not going to take.